Sumitomo makes $46 million investment in partnership with Highview Power

Sumitomo makes $46 million investment in partnership with Highview Power

Sumitomo makes $46 million investment in partnership with Highview Power 150 150 Energy Storage Journal

March 5, 2020: Japanese technology giant Sumitomo Heavy Industries has gone into partnership with cryogenic energy storage provider Highview Power with an investment of $46 million to grow the technology globally, the firms announced on February 25.

The investment will be used to expand the CRYOBattery developed by Highview Power, which in October announced plans to build the first commercial liquid air energy storage facility in the UK.

It has already connected two of its systems to the UK grid, and in December it teamed up with Encore Renewable Energy to begin building the first long-duration, liquid air energy storage system in the US.

Highview says its CRYOBattery technology can be easily scaled by simply adding more tanks, which means there are no size limitations or geographic restraints, says CEO and president Javier Cavada.

The deal with Sumitomo — which says it intends to use its subsidiary Sumitomo SHI FW (SFW) as a ‘technology center and hub for the CRYOBattery business’ — signifies a move into the clean technology market for Sumitomo, which says it intends to expand the technology’s footprint in Europe, Asia and the Americas.

“One of the biggest barriers to a carbon-free future has been the ability of renewables to perform as reliably and as cost-effectively as traditional fossil fuel sources,” said SFW CEO Tomas Harju-Jeanty, who has joined the Highview Power board.